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Bitcoin ban may backfire on Pakistan

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PESHAWAR – Pakistan’s central financial institution has proposed a ban on all types of cryptocurrency, saying the dangers concerned in buying and selling Bitcoin, Ethereum and different crypto cash far outweigh the potential advantages.

The State Financial institution of Pakistan’s (SBP) “risk-benefit evaluation” committee, constituted below a Excessive Court docket directive, just lately introduced that cryptocurrencies had been depleting nationwide international reserves and inspiring illicit financing.

The physique, comprised of representatives from the Ministry of Finance, Info Know-how, Pakistan Telecommunication Authority (PTA) and Safety and Change Fee of Pakistan (SECP) really helpful an entire ban on digital currencies and different associated actions in Pakistan.

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